The product, available at 5.89% – a discount of 2.05% from the mutual’s standard variable rate (SVR) for the first 12 months – with a £2,500 product fee, is aimed at borrowers who may require a short-term lending solution while awaiting a future change in circumstances, such as the sale of another property, receipt of funds, or plans to refinance in the near term.
The mortgage is available for loan amounts between £100,000 and £500,000 and can be used on houses and flats – including new build properties. It is offered on both repayment and interest-only terms for purchase and remortgage applications.
“Not every borrower is looking for a long-term fixed rate commitment,” says Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society.
“We regularly speak to brokers whose clients need a shorter-term solution that gives them flexibility while they work towards a future change in circumstances.
“Whether that’s a planned refinance, a property sale, the release of funds, or another anticipated event, this product provides an option for borrowers who want access to short-term lending without being tied in by early repayment charges.”
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
Sponsored by Aldermore
The building society recently expanded its range of BTL and holiday let products, citing continued landlord appetite.
